Negotiating your way to better business

We think we’ve spotted a very fine, silver lining around this low economic cloud that’s been mooching our way of late. We’re hearing time and time again from clients that their bargaining muscle for items like venues, catering, rent and insurance has never been stronger than in these challenging times. With the right approach to negotiation, we reckon there are currently some seriously canny business deals to be had. In the light of this we’ve put together a couple of tips that should help smooth your path to better bargaining.

Have clear aims
Ahead of any meeting you know you’re going to need to negotiate in, write down exactly what it is you’d like to gain. Whether it’s a discount for cash, an improvement to your payment terms, or a new sale or return arrangement, it is important to have this clear in your head so that you can articulate this with confidence. Also, list your alternatives. What else would you accept? This takes us neatly on to…

Know your limits
Set yourself a clear threshold and keep this close to your chest. If you’re really serious about getting the deal you’re asking for and this particular supplier really can’t help, it may be time to take your business elsewhere. To do this, it will be especially important then, that you…

Know your market
Half an hour spent on a bit of on-line research could pay some serious dividends in terms of your negotiating power. By exhibiting a knowledge of the market and its current trends and prices, your supplier will sit up and take your proposal all the more seriously.

Consider the right approach for your relationship
Who are you negotiating with? What is your history with them and what exactly is at stake? If it’s a long-standing business contact, diplomatic handling is going to be key to ensure that good business relations won’t be harmed in the process. In fact, the real art to this situation is to…

Where you can, go for win-win
Look for an approach where there are benefits to both parties. For example if you are asking for a sale or return arrangement from a caterer, it may be that you can buy a slightly better, more expensive wine from them.

But if all else fails…
Be prepared to play hardball and take your business elsewhere. If you’ve taken some time to research, you should be confident there are others who will be interested. This hardball approach should be saved as your secret weapon and only used a last resort, especially if dealing with existing suppliers. It may however, be pulled out of the hat a whole lot sooner if you are scoping for a new supplier…

Find out more
If you want to brush up on your negotiation skills, you may want to check out some training. A quick web search threw up the following, which may be of interest…

Reed run a two day workshop aimed at helping you assess your negotiating skills and arm you with some new tactics.

The Negotiation Experts as their name suggests, specialise in negotiation and run a couple of courses, the next of which is in April.

Read all about it
If you don’t want to commit to training proper, you may want to read around your subject with one of these…

Just Ask the Right Questions to Get What You Want by Ian Cooper takes a fearless foray into the questions we often find most difficult to raise.

25 Role Plays for Negotiation Skills by Ira G. Asherman (Author), Sandra Vance Asherman (Author) – check this out if you are thinking of doing your own, in-house training.

Negotiating for Dummies – another of the rather brilliant dummies’ series which help make the most daunting prospects seem simple.

Please share!
As always we’d like to hear from you if you’ve either comments on this blog or tips or advice of your own to share. Post your comments below or contact our team on 0845 075 1044.